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PBI > SEC Filings for PBI > Form 8-K on 14-Aug-2013All Recent SEC Filings

Show all filings for PITNEY BOWES INC /DE/

Form 8-K for PITNEY BOWES INC /DE/


14-Aug-2013

Costs Associated with Exit or Disposal Activities, Material Impairments


ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.
Consistent with Pitney Bowes Inc.'s (the "Company") previously announced efforts to further streamline its business operations, reduce its cost structure and create long-term flexibility to invest in growth, it has identified certain actions that it believes will provide both process and operational improvements.

On August 9, 2013, Pitney Bowes Properties Inc., a Connecticut corporation, Elmcroft Road Realty Corporation, a Connecticut corporation, and Pitney Bowes Inc., a Delaware corporation, entered into a Purchase and Sale Agreement to sell certain plots, pieces and parcels of land, including the World Headquarters building, all located in the City of Stamford, Fairfield County, Connecticut. In connection with this transaction, the Company will record a non-cash pre-tax impairment charge of approximately $25 million in the third quarter of 2013.



ITEM 2.06 MATERIAL IMPAIRMENTS.
On August 9, 2013, Pitney Bowes Properties Inc., a Connecticut corporation, Elmcroft Road Realty Corporation, a Connecticut corporation, and Pitney Bowes Inc., a Delaware corporation, entered into a Purchase and Sale Agreement to sell certain plots, pieces and parcels of land, including the World Headquarters building, all located in the City of Stamford, Fairfield County, Connecticut. In connection with this transaction, the Company will record a non-cash pre-tax impairment charge of approximately $25 million in the third quarter of 2013.


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